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The Latest from
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September 14, 2021
Each week, the Valens Research team highlights our most interesting insights from across our tools and our analysis, including individual company, industry, and macro insights. Top Highlight: IIVI – II-VI Incorporated Other Highlights: ATVI, EPAM, INCY...
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September 14, 2021
Match Group, Inc. (MTCH:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 62.7x Uniform P/E. At these levels, markets are pricing in bullish expectations for the firm...
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September 10, 2021
DAL – Traded CDS 265bps, Base Case iCDS 104bps
Negative Case iCDS 150bps, 2026 7.375% Bond YTW of 3.085%, iYTW of 1.815%
Baa3 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
Low Refinancing Need...
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September 10, 2021
Incyte Corporation (INCY:USA) currently trades well below corporate averages relative to UAFRS-based (Uniform) earnings, with a 7.6x Uniform P/E. At these levels,...
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September 9, 2021
LyondellBasell Industries N.V. (LYB:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 10.1x Uniform P/E. At these levels, the market is pricing in expectations for profitability to remain stable, but management is confident about the global reopening, propylene oxide demand, and strong cash flows...
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September 8, 2021
Activision Blizzard, Inc. (ATVI:USA) currently trades below corporate averages relative to UAFRS-based (Uniform) earnings, with a 19.1x Uniform P/E. At these levels, the market has bearish expectations for the firm...
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September 8, 2021
Featured Top Idea
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TPR – Tapestry, Inc.
Trade: Buy 2027 4.125% Bonds, CUSIP: 189754AC8 (2.402% YTW, 1.602% iYTW)... -
September 7, 2021
Hess Corporation (HES:USA) currently trades near historical highs relative to UAFRS-based (Uniform) earnings, with a 38.3x Uniform P/E. At these levels, the market is pricing in expectations for Uniform ROA to inflect positively, but management may have concerns about cash flow growth, their commodity price outlook, and the Fangtooth well...
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September 7, 2021
Each week, the Valens Research team highlights our most interesting insights from across our tools and our analysis, including individual company, industry, and macro insights. Top Highlight: NOC – Northrop Grumman Other Highlights: BSX, DHI, TWTR...
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September 3, 2021
TPR – CDS 97bps, Base Case iCDS 76bps
Negative Case iCDS 87bps, 2027 4.125% Bond YTW of 2.402%
iYTW of 1.602%, Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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